Question

could someone show how to do the retained earnings and balance sheet?

Answer 1

Hi,

You just asked about how to prepare retained earnings statement and balance sheet, So here I provided a simplest format to understand easily. Hope you get it easily. Anyway if you have any doubt or confusion leave a comment below, I will clear it.

(Amounts are to be get from closing trial balance- Hope you know it)

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Statement Of Retained Earnings
	Amount
Beginning Balance	xxxx
Net Income	xxx
Less:Dividends During the Year	-xxx
Ending balance	xxxx

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Balance Sheet As at 31-12-2xx1
	Amount
Assets
Cash	xxxx
Accounts Receivable	xxxx
Inventories	xxxx
Supplies	xxxx
Prepaid Expenses	xxxx
Other Current Assets
Total Current Asset	xxxx
Fixed Assets (Individually)	xxxx
Less:Accumulated Depreciation	(xxxx)
Net	xxxx
Total Non Current Assets	xxxx
Total Assets (Total Current Asset+Total Non Current Assets)	xxxx
Liabilities
Accounts payable	xxxx
Salaries and wages Payable	xxxx
Other Short term liabilities payable(individually)	xxxx
Total Current Liabilities	xxxx
Long Term debt/loans	xxxx
Total Liabilities	xxxx
Stockholders Equity
Common Stock	xxxx
Preferred Stock	xxxx
Paid in Capital in Excess of Par Value	xxxx
Retained Earnings (ending balance from Retained earnings statement)	xxxx
Total Stockholders Equity	xxxx
Total Liabilities and Stockholders Equity	xxxx

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